Reply
Established Member
Posts: 15
Registered: ‎09-21-2012
0

Chase Freedom Visa...worth the recon?

Hi all!

 

So I app'd for the Chase Freedom Visa and the Citi Dividend on the same day and got approved for Dividend but denied for Chase. I got the denial notice today in the mail from Chase and they cited their reason as "current obligations too high relative to income". What exactly does that mean? I'm currently a grad student with a $30,000 income if that helps. My cards and their limits are in my siggy. My reason for wanting both cards is to ultimately replace the Cap1 cards I've been using to build my credit. I'm not a big fan of Chase, but I thought I would try to apply anyway. So that's why I'm not too motivated for trying a recon. Do you think I should? 

 

Oh my Experian FICO that I received with my Citi Dividend approval notice is 718 

 

Thanks in advance 

Chase $4K | Citi Dividend Platinum Select $2K | Citi Forward $2K | Capital One Platinum $2K | Discover IT $1.6K| Capital One Journey $750 | Bank of America Cash Rewards $500 | Macy's Store $500 |
Starting Score: 652 (TU, 04/15)
Current Score: 652 (TU, 04/15)
Goal Score: 800


Established Contributor
Posts: 504
Registered: ‎08-28-2012
0

Re: Chase Freedom Visa...worth the recon?

Do you have balances on those cards?  Student loans outstanding?

Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
0

Re: Chase Freedom Visa...worth the recon?

[ Edited ]

VeggieTales wrote:

Hi all!

 

So I app'd for the Chase Freedom Visa and the Citi Dividend on the same day and got approved for Dividend but denied for Chase. I got the denial notice today in the mail from Chase and they cited their reason as "current obligations too high relative to income". What exactly does that mean? I'm currently a grad student with a $30,000 income if that helps. My cards and their limits are in my siggy. My reason for wanting both cards is to ultimately replace the Cap1 cards I've been using to build my credit. I'm not a big fan of Chase, but I thought I would try to apply anyway. So that's why I'm not too motivated for trying a recon. Do you think I should? 

 

Oh my Experian FICO that I received with my Citi Dividend approval notice is 718 

 

Thanks in advance 


It basically means that you owe more than your stated income on your credit cards. This is possibly due to your student loans whether or not they are due now or deferred. It wouldn't hurt to try a recon since you already took a HP.

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Established Member
Posts: 15
Registered: ‎09-21-2012
0

Re: Chase Freedom Visa...worth the recon?

I only had a balance on the Forward card $197 when I applied, the others were $0. My loans are in deferment since I'm currently in grad school and are increasing size as the semesters go by :/. I didn't think that my loans would have contributed to their decision since I'm not in the repayment period as of yet. 

Chase $4K | Citi Dividend Platinum Select $2K | Citi Forward $2K | Capital One Platinum $2K | Discover IT $1.6K| Capital One Journey $750 | Bank of America Cash Rewards $500 | Macy's Store $500 |
Starting Score: 652 (TU, 04/15)
Current Score: 652 (TU, 04/15)
Goal Score: 800


Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Chase Freedom Visa...worth the recon?

[ Edited ]

VeggieTales wrote:

Hi all!

 

So I app'd for the Chase Freedom Visa and the Citi Dividend on the same day and got approved for Dividend but denied for Chase. I got the denial notice today in the mail from Chase and they cited their reason as "current obligations too high relative to income". What exactly does that mean? I'm currently a grad student with a $30,000 income if that helps. My cards and their limits are in my siggy. My reason for wanting both cards is to ultimately replace the Cap1 cards I've been using to build my credit. I'm not a big fan of Chase, but I thought I would try to apply anyway. So that's why I'm not too motivated for trying a recon. Do you think I should? 

 

Oh my Experian FICO that I received with my Citi Dividend approval notice is 718 

 

Thanks in advance 


I was just the opposite. Approval for $5k from chase, decline from Citi.

 

Never hurts to try a recon.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
Posts: 657
Registered: ‎06-27-2012
0

Re: Chase Freedom Visa...worth the recon?

got nothing to lose recon and GL.

 

BOA: 8.9k
CSP: 5k
Discover: 5k
Citi TY Preferd: 5k
Wally: 5k
JCP: 4.9k
citiForward: 4.7k
ChaseFreedom: 4.5k
DFS: 2k
Established Member
Posts: 15
Registered: ‎09-21-2012
0

Re: Chase Freedom Visa...worth the recon?

Thanks for all the advice. I'll try for a recon tomorrow. 

Chase $4K | Citi Dividend Platinum Select $2K | Citi Forward $2K | Capital One Platinum $2K | Discover IT $1.6K| Capital One Journey $750 | Bank of America Cash Rewards $500 | Macy's Store $500 |
Starting Score: 652 (TU, 04/15)
Current Score: 652 (TU, 04/15)
Goal Score: 800


Established Member
Posts: 15
Registered: ‎09-21-2012
0

Re: Chase Freedom Visa...worth the recon?

Just to update anyone who was wondering. I finally did the recon and clarified that I was currently in grad school so essentially had additional income through student loan refunds and I was approved for $3000! Thank you all for encouraging me to go through with it! 

Chase $4K | Citi Dividend Platinum Select $2K | Citi Forward $2K | Capital One Platinum $2K | Discover IT $1.6K| Capital One Journey $750 | Bank of America Cash Rewards $500 | Macy's Store $500 |
Starting Score: 652 (TU, 04/15)
Current Score: 652 (TU, 04/15)
Goal Score: 800


Regular Contributor
Posts: 211
Registered: ‎08-23-2012
0

Re: Chase Freedom Visa...worth the recon?


VeggieTales wrote:

Just to update anyone who was wondering. I finally did the recon and clarified that I was currently in grad school so essentially had additional income through student loan refunds and I was approved for $3000! Thank you all for encouraging me to go through with it! 


Its always good to recon whenever you took the HP already. Congratulations on your new cards!!!

Established Contributor
Posts: 569
Registered: ‎09-10-2012
0

Re: Chase Freedom Visa...worth the recon?

Nice Congrats

 

Amex Platinum (NPSL) | Amex BCE (33,400) | Chase Sapphire Preferred (24,800) | Discover IT (16,200) | Citi DCB (7,000) | CapOne (7,000) | Chase Freedom (6,300) | Walmart (4,500) | Alliant CU Visa | Gone for good: CapOne secured (thx for getting me started) | Amex Zync (thx for getting me into AX)


Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.